Ethena has officially launched EthenaPay.
The stablecoin issuer for USDe announced EthenaPay allowing users to send and earn. Its Spend Card will be operating in partnership with Third National, Rain, and Visa.
Its initial reach is available for users in up to 50 countries.
Ethena is selecting Rain as the core card program issuer and will be processing transactions on the Avalanche network.
Recently, Ethena’s Stablecoin X company made its public debut, while Rain’s smart contract suffered an incident over the weekend.
Spending Onchain
Ethena is the latest in the wave of stablecoin neobanking category.
Stablecoin card spending, savings, and earn products are in a full-scale competition as different card providers and onchain protocols aim to modernize everyday accounts.
Currently, EthenaPay’s cashback system is spread across different membership tiers (like with Kast and Plasma) and will be paid out in Avalanche’s native AVAX token.
Avalanche is a top 5 network leading in the Real-World Asset (RWA) tokenization space. At the end of August, its distributed RWA volumes were at $1.65B according to RWA.xyz metrics.
Among its largest assets is BlackRock’s Institutional Digital Liquidity Fund at $560M, as well as Janus Henderson AAA CLO Fund at $221M of onchain value. Both form part of Ethena’s latest collateral strategy.
This was an effort to branch out into new Real-World Assets (RWAs), securities, and private credit for a more diversified stablecoin reserves collateral management.
A Progressing Ecosystem
Recently, the Ethena Foundation (separate entity to Ethena Labs and EthenaPay) also revealed a buyout of locked ENA tokens and release of VC investor tokens.
Alongside switching on a protocol fee with over 90% going to the Foundation, the IP material will also be managed between the two under a Master Framework Agreement.
Additionally, the Ethena team plans on scaling the USDe supply to $100B over a 5 year timeframe. Currently, USDe stands at 4.22B in circulation per Ethena’s transparency dashboard.
A full breakdown of its disclosure under the new Blockworks Token Transparency Framework is also now available for users and investors in the space.
